S2 Gender-based Pay Ratio

Reykjavik Energy Group places great emphasis on gender equality. The Group received the Equal Rights Award from the Equal Rights Council in 2014, the Motivation Award from the Confederation of Icelandic Enterprise in 2015 and was, in 2021, selected as a Universal Fair Pay Leader. That nomination was renewed in 2022.

Reykjavik Energy Group is a member of the United Nations Convention on Gender Equality.

Progress through innovation

In 2017, Reykjavik Energy Group adopted a new model which analyses the impact of every single wage decision on gender-based wage differences. This enabled the Group to eliminate unexplained gender-based pay gap. This milestone was achieved in 2017, and since then, unexplained gender-based wage difference has been statistically insignificant.

Unexplained gender-based pay gap at Reykjavik Energy 2006-2022

In the graph above, the number 0 respresents that men and women get exactly the same wages for jobs considered equally valuable. Numbers higher than 0 depict wage differences in favour of men, and numbers lower than 0 depict wage differences in favour of women.

Equal Pay Certificate

OR's equal pay system received equal pay certification in 2018. That certification means that the system implemented meets the provisions of Act no. 56/2017 on equal pay certification. The system is new to ensure that OR does not discriminate against employees based on their gender.